|
Report Date : |
29.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
DMG MORI SEIKI CO LTD |
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Registered Office : |
2-35-16 Meieki, Nakamura-ku, Nagoya City, Aichi 450-0002 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 (consolidated) |
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Date of Incorporation : |
26.10.1948 |
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Com. Reg. No.: |
Not Available |
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Legal Form : |
Limited
Company |
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Line of Business : |
Manufacturer of machine tools (including machining centers, NC lathes
& other products) |
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|
|
|
No. of Employees |
4,218 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
japan ECONOMIC OVERVIEW
In the years following World War II, government-industry cooperation, a
strong work ethic, mastery of high technology, and a comparatively small
defense allocation (1% of GDP) helped Japan develop a technologically advanced economy.
Two notable characteristics of the post-war economy were the close interlocking
structures of manufacturers, suppliers, and distributors, known as keiretsu,
and the guarantee of lifetime employment for a substantial portion of the urban
labor force. Both features are now eroding under the dual pressures of global
competition and domestic demographic change. Japan's industrial sector is
heavily dependent on imported raw materials and fuels. A small agricultural
sector is highly subsidized and protected, with crop yields among the highest
in the world. While self-sufficient in rice production, Japan imports about 60%
of its food on a caloric basis. For three decades, overall real economic growth
had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s,
and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging
just 1.7%, largely because of the after effects of inefficient investment and
an asset price bubble in the late 1980s that required a protracted period of time
for firms to reduce excess debt, capital, and labor. Modest economic growth
continued after 2000, but the economy has fallen into recession three times
since 2008. A sharp downturn in business investment and global demand for
Japan's exports in late 2008 pushed Japan into recession. Government stimulus
spending helped the economy recover in late 2009 and 2010, but the economy
contracted again in 2011 as the massive 9.0 magnitude earthquake and the
ensuing tsunami in March disrupted manufacturing. The economy has largely
recovered in the two years since the disaster, but reconstruction in the Tohoku
region has been uneven. Newly-elected Prime Minister Shinzo ABE has declared
the economy his government's top priority; he has pledged to reconsider his predecessor's
plan to permanently close nuclear power plants and is pursuing an economic
revitalization agenda of fiscal stimulus and regulatory reform and has said he
will press the Bank of Japan to loosen monetary policy. Measured on a
purchasing power parity (PPP) basis that adjusts for price differences, Japan
in 2012 stood as the fourth-largest economy in the world after second-place
China, which surpassed Japan in 2001, and third-place India, which edged out
Japan in 2012. The new government will continue a longstanding debate on
restructuring the economy and reining in Japan's huge government debt, which
exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth,
and an aging and shrinking population are other major long-term challenges for
the economy.
|
Source : CIA |
DMG MORI SEIKI CO LTD
KK Mori Seiki
2-35-16 Meieki,
Nakamura-ku, Nagoya City, Aichi 450-0002, Japan
Tel:
052-587-1811 Fax: 052-587-1818
URL: http://www.dmgmoriseiki.co.jp
E-Mail address: (thru the URL)
Manufacturer of
machine tools (including machining centers, NC lathes & other products)
Tokyo Branch Address
18th Floor, Shinagawa Intercity Tower A, 2-15-1 Konan Minato-Ku, Tokyo,
108-6018, Japan
Tel.: +81-3-5460-3570
Chiba Branch
address
488-19 Suzumi-cho, Funabashi City, Chiba 274-0052, Japan
Tel.: +81-47-410-8800
Mie Branch Address
201 Midai, Iga City, Mie 519-1414, Japan
Tel: +81-595-45-4151
USA,
China, Europe, Asia, other
Nara No. 1 Plant
362 Idono-cho, Yamato-Koriyama City, Nara 639-1183, Japan
Tel: +81-743-53-1121
Nara No. 2 Plant
106 Kita-Koriyama-cho, Yamato-Koriyama City, Nara 639-1160, Japan
Tel. +81-743-53-1125
Other Factory
located at:
USA,
Germany (4), Poland, Italy (2), China, Russia
Europe
(30), North America (17), Asia/Oceania (22)
MASAHIKO
MORI, PRES
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 148,559 M
PAYMENTSREGULAR CAPITAL Yen
41,132 M
TREND UP WORTH Yen 104,481 M
STARTED 1948 EMPLOYES 4,218
MFR OF MACHINE TOOLS
FINANCIAL SITUATION COSIDERED
FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
|
Business |
Terms Ending |
Annual
Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2010 |
66,402 |
-26,599 |
-34,693 |
(%) |
98,717 |
|
(Consolidated) |
31/03/2011 |
120,428 |
566 |
1,307 |
81.36 |
95,328 |
|
31/03/2012 |
155,320 |
5,915 |
5,619 |
28.97 |
94,718 |
|
|
31/03/2013 |
148,559 |
5,005 |
5,170 |
-4.35 |
104,481 |
|
|
31/03/2014 |
158,000 |
8,500 |
7,200 |
6.36 |
.. |
Unit: In Million Yen
Forecast figures for the 31/03/2014 fiscal term.
This is the top-class mfr of NC lathes and MC’s. Advanced into machine tools in 1958, achieving
high growth following marketing of NC lathes in 1968. Overseas sales ratio high backed by global
network for marketing and maintenance services.
Has capital and business alliance with Gildmeister of Germany. The company started operation at its plant in
Tianjin, China, which produces horizontal machining centers, on Oct 2013, and
start casting with an eye to exports. As
it will complete integration of sales network with DMG of Germany in Mar 2015
term, the company intends to strengthen marketing to automakers. .
The sales volume for Mar/2013 fiscal term amounted to Yen 148,559
million, a 4.4% down from Yen 155,320 million in the previous term. The recurring profit was posted at Yen 5,005
million and the net profit at Yen 5,170 million, respectively, compared with
Yen 5,915 million recurring profit and Yen 5,619 million net profit,
respectively, a year ago.
(Apr/Dec/2013 results): Sales Yen 112,953 million (up 3.9%), operating
profit Yen 4,529 million (up 96.0%), recurring profit Yen 6,153 million (up
175.3%), net profit Yen 5,229 million (up 114.7%). (% compared with the corresponding period a
year ago).
For the current term ending Mar 2014 the recurring profit is projected
at Yen 8,500 million and the net profit at Yen 7,200 million, on a 6.4% rise in
turnover, to Yen 158,000 million. Orders
for mainstay NC lathes and machining centers are increasing in the second half
in Japan and the US, led by strong demand from automakers. Sales are bottoming out in Europe. Operating profit increase will accelerate,
buoyed by the weaker-than-anticipated Yen
The financial situation is considered FAIR and good for
ORDINARY business engagements.
Date Registered: 26 Oct 1948
Legal Status:
Limited Company (Kabushiki Kaisha
Authorized: 200 million shares
Issued:
118,475,312 shares
Sum: Yen 41,132
million
Major shareholders
(%):
Gildmeister (9.0), Company’s Treasury Stock (6.6), Master Trust Bank of Japan T
(4.7), Japan Trustee Services T (3.9), Masahiko Mori (2.9), Bank of New York
Jasdec Treaty (2.8), Chieko Mori (1.9), Nomura Trust Inv T (1.7), Masaru Mori
(1.5), Employees’ S/Holding Assn (1.2); foreign owners (29.7)
No. of
shareholders: 37,278
Listed on the
S/Exchange (s) of: Tokyo
Managements: Masahiko Mori,
pres; Tatsuo Kondo, v pres; Hiroaki Tamai, s/mgn dir; Naoshi Takayama, mgn dir;
Toshio Sato, dir
Nothing detrimental is known as to the commercial morality of
executives.
Related companies: DMG Mori Seiki
USA, Magnescale Co, other.
Activities: Manufactures
machine tools: machining centers, NC lathes & other products; Japan (34%),
US (32%), Europe (18%), China & Asia (16%)
Overseas Sales
Ratio (66%)
Clients: [Mfrs, wholesalers]
DMG Mori Seiki USA, Mori Seiki Europe, DMG Mori Seiki Sales & Services, DMG
Mori Seiki Trading, other
No. of accounts: 700
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] DMG Mori Seiki Trading, Mitsubishi Electric, Fanuc Corp, DMG Mori
Seiki USA, other
Payment record: Regular
Location: Business area in
Nagoya. Office premises at the caption
address are owned and maintained satisfactorily.
Bank
References:
SMBC (Nara)
MUFG (Nara)
Relations: Satisfactory
(In Million Yen)
|
FINANCES: (Consolidated
in million yen) |
||||
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|
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Terms Ending: |
31/03/2013 |
31/03/2012 |
|
INCOME STATEMENT |
||||
|
Annual Sales |
|
148,559 |
155,320 |
|
|
Cost of Sales |
104,393 |
105,950 |
||
|
GROSS PROFIT |
44,165 |
49,370 |
||
|
Selling & Adm Costs |
40,031 |
42,581 |
||
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OPERATING PROFIT |
4,134 |
6,788 |
||
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Non-Operating P/L |
871 |
-873 |
||
|
RECURRING PROFIT |
5,005 |
5,915 |
||
|
|
NET PROFIT |
5,170 |
5,619 |
|
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BALANCE SHEET |
||||
|
Cash |
|
6,287 |
4,549 |
|
|
Receivables |
24,824 |
31,735 |
||
|
Inventory |
37,939 |
43,272 |
||
|
Securities, Marketable |
|
101 |
||
|
Other Current Assets |
5,689 |
6,371 |
||
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TOTAL CURRENT ASSETS |
74,739 |
86,028 |
||
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Property & Equipment |
62,788 |
55,562 |
||
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Intangibles |
5,912 |
5,878 |
||
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Investments, Other Fixed Assets |
43,214 |
37,951 |
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TOTAL ASSETS |
186,653 |
185,419 |
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Payables |
9,077 |
10,702 |
||
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Short-Term Bank Loans |
23,929 |
28,778 |
||
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|
|
|
||
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Other Current Liabs |
11,247 |
13,614 |
||
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TOTAL CURRENT LIABS |
44,253 |
53,094 |
||
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Debentures |
30,000 |
30,000 |
||
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Long-Term Bank Loans |
|
|
||
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Reserve for Retirement Allw |
222 |
341 |
||
|
Other Debts |
|
7,697 |
7,266 |
|
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TOTAL LIABILITIES |
82,172 |
90,701 |
||
|
MINORITY INTERESTS |
||||
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Common
stock |
41,132 |
41,132 |
||
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Additional
paid-in capital |
53,863 |
53,863 |
||
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Retained
earnings |
18,270 |
15,312 |
||
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Evaluation
p/l on investments/securities |
2,616 |
2,132 |
||
|
Others |
343 |
(5,979) |
||
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Treasury
stock, at cost |
(11,743) |
(11,742) |
||
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TOTAL S/HOLDERS` EQUITY |
104,481 |
94,718 |
||
|
|
TOTAL EQUITIES |
186,653 |
185,419 |
|
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CONSOLIDATED CASH FLOWS |
||||
|
Terms ending: |
31/03/2013 |
31/03/2012 |
||
|
Cash
Flows from Operating Activities |
|
21,421 |
8,616 |
|
|
Cash
Flows from Investment Activities |
-10,089 |
-22,079 |
||
|
Cash
Flows from Financing Activities |
-10,085 |
10,872 |
||
|
|
Cash,
Bank Deposits at the Term End |
|
6,268 |
4,532 |
|
ANALYTICAL RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
||
|
Net Worth
(S/Holders' Equity) |
104,481 |
94,718 |
||
|
Current
Ratio (%) |
168.89 |
162.03 |
||
|
Net
Worth Ratio (%) |
55.98 |
51.08 |
||
|
Recurring
Profit Ratio (%) |
3.37 |
3.81 |
||
|
Net
Profit Ratio (%) |
3.48 |
3.62 |
||
|
Return
On Equity (%) |
4.95 |
5.93 |
||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.09 |
|
UK Pound |
1 |
Rs.99.85 |
|
Euro |
1 |
Rs.82.58 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
|
41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
NB |
New Business |
-- |
|
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.